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Law 7/1977 Of 4 January, On Participation Of Spain In The General Increase In Regular Resources From The African Development Fund.

Original Language Title: Ley 7/1977, de 4 de enero, sobre participación de España en el aumento general ordinario de recursos del Fondo Africano de Desarrollo.

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TEXT

By virtue of the Decree-law one/thousand nine hundred and seventy-four, of seven February, Spain is part of the African Development Fund, a multilateral financial institution aimed at promoting the development of the and to raise the standard of living of their population.

The Council of Ministers at its meeting on 24 October of a thousand nine hundred and seventy-five authorized the Ministry of Finance to, in the negotiations which were being carried out in order to increase the African Development Fund resources for its second period of operations, the Spanish participation in that increase was up to six million units of account.

Resolution one-seventy-six, of twenty-six February of a thousand nine hundred and seventy-six, of the Board of Governors of the Development Fund agreed to effect an ordinary general increase of its resources to deal with the the financing needs of the projects to be carried out during the second period of operations, which includes one from January of one thousand nine hundred and seventy-six to the three of December of a thousand nine hundred and seventy-eight.

According to the approved resolution, the subscription for Spain is six million units of account, taking into account its purpose, which is part of the Spanish State's policy, to provide In order to contribute to the aid of the countries with the least degree of development relative to the multilateral institutions, the Government considers that the Spanish participation is appropriate in accordance with the terms of the contained in that resolution.

In its virtue and in accordance with the Law approved by the Spanish Courts, I come to sanction:

Article first.

Spain will participate in the first ordinary general increase in resources of the African Development Fund, to which effect the corresponding additional subscriptions will be made, in the terms set out in the Resolution of the and six, approved by the Board of Governors of that institution on the twenty-sixth of February of a thousand nine hundred and seventy-six, the translation of which is annexed to this Law, with the amount of six million units of account, as defined Article 1 of the Agreement establishing the African Development Fund, published as annexed to the decree-law one/thousand nine hundred and seventy-four, of seven February.

Article 2.

The payment of the Spanish subscription will be made in three equal annual instalments, under the conditions stipulated in the aforementioned Resolution, giving the Minister of Finance, if he considers it appropriate, to avail himself of the facilities (c) the payment referred to in paragraph 5 (c) of that Resolution.

Third item.

The payment will be made in currency freely convertible by the Banco de España, in accordance with the powers granted to it by the current regulations.

Article 4.

The Ministry of Finance is empowered to take all measures necessary to implement the provisions of this Law.

Article 5.

This Law will enter into force on the day following its publication in the "Official State Gazette".

Given in Madrid to four of January thousand nine hundred and seventy-seven.

JOHN CARLOS.

The President of the Spanish Courts,

TORCUATO FERNANDEZ-MIRANDA AND HEVIA

ATTACHED

Board of Governors

RESOLUTION NUMBER 01-76

Resource increase: First overall resource reconstitution (Approved on February 26, 1976)

The Board of Governors,

having regard to Articles 2, 4, 7, 8 and 23 of the Agreement establishing the African Development Fund (hereinafter referred to as "the Agreement")

having regard to the report of the Board of Directors of 4 May 1975 on the implementation of Resolution 5-74, concerning the increase of resources of the Fund;

having regard to the report of the Board of Directors of 16 December 1975 on the implementation of Resolution 9-75 on the increase of the Fund's resources and, more particularly, the recommendations of the Council of Administration as contained in that report, as a result of discussions authorized under the third paragraph of Resolution 9-75;

Whereas the Governments of the participating States in Annex A consider that the quantities and conditions contained in that Annex and in this resolution constitute an appropriate basis for the preparation of the the corresponding recommendation to their respective legislative powers and that these governments intend to request, where necessary, their legislative powers the approval of these commitments in order to obtain the authorisation to subscribe to the quantities listed in Annex A, and taking into account an account that no final commitment can be made by a participating state before obtaining, where necessary, the authorisation of its legislative power.

Acknowledging that the first periodic review conducted in order to make an estimate of the Fund's resources has demonstrated the need to considerably increase these resources,

Decides:

1. Authorize the Fund to proceed to a first general general increase in its resources, for a period of three years, beginning on 1 January 1976.

2. For these purposes, the Fund is authorised to accept additional subscriptions from the participating States in the amounts indicated in Annex A to this Resolution, as well as other additional subscriptions from the participating States. Annex A. Additional subscriptions to the latter shall be communicated to all participating States within 30 days of the date of receipt of the notification from each participating State in the Fund. interested.

3. The Fund is hereby authorised, in addition, within the framework of this general general increase in its resources, to accept from any participating State a subscription in excess of the amount indicated in the Annex, under conditions not less favourable than those of the Fund. which are provided for in this Resolution. Such subscriptions would be notified to all participating states within sixty days, counting from the date the Fund received the corresponding request from the subscriber.

4. (a) In order to determine their percentage within the total votes of the participating States pursuant to paragraph 3 of Article 29 of the Agreement, each additional subscription of a participating State shall be added to the subscription disbursed by that State, in accordance with Article 6 of the Agreement.

(b) Each participating State accepts the provisions of paragraph (a) above, in so far as its approval is necessary pursuant to paragraph 3 of Article 29 of the Agreement.

5. (a) The amount of each of these subscriptions shall be paid out in three equal annual instalments on or before 1 July 1976, on or before 1 July 1977 and on or before 1 July 1978, taking into account, however, that the Recovery of resources authorised by this Resolution has not entered into force on 1 July 1976, in accordance with the provisions of the following number 7, the first disbursement, which must take place at the latest thirty days later, shall be deferred. that the reconstitution has taken effect.

(b) If a participating State directs the Fund to the notification referred to in the following number 7 after the date referred to in subparagraph (a) above for the disbursement of the first subparagraph, that participating State it shall be paid up within 30 days of the date of the notification.

(c) A participating State may choose to pay the three instalments of its subscription by means of non-equal, but progressive disbursements, provided that the first of these disbursements is not less than 25 per 100 of the amount of the subscription of that State as indicated in this Resolution.

d) If a participating State notifies the Fund thirty days in advance at least before the expiration of the first disbursement of its subscription, which for procedural reasons or administrative problems it is not possible to effect the payment and that he wishes to defer it, may do so for a period of time to be approved by the Board of Directors of the Fund, but which may not be completed by 1 January 1977.

6. The rights and obligations of participating States which make payments for additional subscriptions under this Resolution, of the other participants, of the Bank and of the Fund, as regards additional subscriptions to referred to in this Resolution shall be the same as those corresponding to the initial subscriptions of the founding participating States as provided for in Article 6 of the Agreement, unless otherwise provided for in this Resolution.

7. (a) the subscriptions authorised by this Resolution shall not be required until the following condition has been met:

The official notification to the Fund has taken place on 1 January 1976 or at an earlier date to be determined by the Management Board by a number of participating States whose subscriptions represent at least 55% of the total for 100 of the total, committing to subscribe to the amounts authorised by this Resolution for each of those participating States, in accordance with the provisions of this Resolution.

(b) The reconstitution of resources authorised by this Resolution shall enter into force at the time when the condition referred to in the preceding paragraph has been fulfilled, taking into account, however, that no country shall have the right to the obligation to pay the amount to which it is authorised to subscribe, unless it has submitted to the Fund the official notification provided for in subparagraph (a). Three months after the date on which this condition has been fulfilled, each participating State that has made this notification shall be entitled to the number of votes proportional to its subscription as prevented in this Resolution. Each participating State making such notification to the Fund at a later date shall be entitled to the number of votes proportional to its subscription as prevented in this Resolution.

ATTACHED TO

Federal Republic of Germany

Netherlands

Subscriptions

in units

account

Belgium

6,000,000

Brazil

3,000,000

Canada

45,000,000

Denmark

10,000,000

22.500,000

Finland

4,000,000

Italy

20,000,000

Japan

30,000,000

12,000,000

Norway

15,000,000

Spain

6,000,000

Sweden

18,000,000

Switzerland

12.380,000

UK

17,000,000

Total

220.880,000

PRESCRIPTIVE OPINIONS AND PROCEDURES

Agreement of the Council of Ministers of 24 October 1975.

Report of the Technical General Secretariat of the Ministry of Finance.

Report from the Treasury and Budget Directorate-General.

Bank of Spain report.